Malcom
Assuming I haven't got the numbers uddled up this is the J&S42-S tool holder you are talking about :-
**LINK**
https://picclick.co.uk/Jones-Shipman-JS-No42-S-Parting-Off-Tool-114744285597.html!
It is made to hold bevel edged Eclipse (or eclipse pattern) blades. They need to have the correct angles on top and bottom to sit securely in the tool and be held properly by the eccentric gripper. Very little tolerance on depth as the eccentric gripper doesn't have much eccentricity. The factory blade is a slide fit in the slot.
Not my favourite parting tool because that bulge on the bottom enforces a fairly large minimum stick out when used with a block, four way or QC holder. Probably designed to be used with a US style lantern post.
Over the years I've hoovered up a couple or four with box of tooling purchases. At one time I considered grinding the bottoms off flat. Either enough to sit the base of the tool on the topslide so its securely braced or flat right along so I can be pulled back into a four way or QC holder.
If used as standard with a QC the stick out can help with clearance problems between the toolpost block and tailstock if you have a crazy cramped set-up. Similarly the bent variety could be useful in cramped situations. Not that I've ever seen such needs in 45 or so years of mucking around with lathes but …..
Clive